SPGNasdaq CopenhagenSpecialty ChemicalsIFRS · DKK

SP GROUP A/S

SP Group A/S is a Danish industrial materials company that produces engineered plastic and foam solutions for use in technical, packaging, and industrial applications. The group operates through a network of manufacturing and processing activities in Denmark and other European locations, serving customers that need customized components and material solutions.

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Revenue2,948m DKK
+0.9 %y/y
Operating profit (EBIT)398m DKK
+3.1 %y/y
EBIT margin13.5%
+0.3 ppy/y
Net income267m DKK
+1.8 %y/y
Free cash flow211m DKK
−36.9 %y/y

Fiscal year 2025 · change from previous year

Development 2021–2025

01,0002,0003,000m DKK2021: 2,481 m DKK2021: EBIT 269 m DKK20212022: 2,656 m DKK2022: EBIT 296 m DKK20222023: 2,606 m DKK2023: EBIT 241 m DKK20232024: 2,922 m DKK2024: EBIT 386 m DKK20242025: 2,948 m DKK2025: EBIT 398 m DKK20252,948398
RevenueOperating profit (EBIT)
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Business

Share of revenue
Technical plastics55 %

Processed plastic products, components, and semi-finished materials for industrial use.

Foam solutions25 %

Foam-based materials used for insulation, packaging, and protective applications.

Fabrication and customization20 %

Value-added cutting, forming, machining, and customer-specific processing services.

Customers

SP Group sells mainly to industrial customers that need engineered plastic and foam materials rather than standardized consumer products. Its customer base typically includes manufacturers, OEMs, construction-related buyers, and companies needing application-specific material solutions. Demand depends on end-market activity, product specifications, and the ability to supply consistent quality and customization.

Industrial OEMs

Buy technical plastic components and processed materials for use in finished products and assemblies.

Construction and building materials

Buy foam and plastic solutions used in insulation, installation, and project applications.

Packaging and protection customers

Buy foam-based materials for protection, cushioning, and transport packaging.

Specialized industrial buyers

Buy custom-fabricated parts and material solutions where exact specs matter.

Strategy

SP Group's strategy is centered on supplying customized plastic and foam solutions where product design, processing capability, and reliable delivery are important. Its competitive position depends on serving industrial customers with application-specific products, maintaining production flexibility, and managing cross-border operating complexity. Currency hedging on PLN costs suggests a focus on protecting input cost predictability across its European footprint.

Grow customized industrial solutionsMedium term

Custom products are harder to replace and support customer retention.

Protect cost competitiveness across countriesShort term

The group has multi-country operations and is exposed to currency movements.

Geography

SP Group is headquartered in Denmark and operates across Europe, with production and sales exposure tied to regional industrial demand. The business is also exposed to foreign-currency movements, including PLN costs from Polish operations, which indicates cross-border manufacturing and cost structures. Its geography matters because delivery lead times, local customer relationships, and production footprint all influence competitiveness.

Risks

SP Group is exposed to cyclical industrial demand, because its products are tied to manufacturing, construction, and project activity. It also faces input-cost, foreign-exchange, and operational risks from running production in multiple countries, including Poland. As with most engineered materials businesses, margin pressure can arise if volumes weaken, energy or raw-material costs move unexpectedly, or customers delay orders.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Cyclical end-market demand1Foreign-exchange volatility2Raw-material and energy cost inflation3
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Cyclical end-market demandImpact: HighLikelihood: High

    Customers are industrial and construction buyers whose orders move with economic activity.

    Exposure: Manufacturing and project demand

  2. Foreign-exchange volatilityImpact: MediumLikelihood: High

    The report explicitly references hedging PLN cost exposure from Polish companies.

    Exposure: Polish operating costs and European cross-border flows

  3. Raw-material and energy cost inflationImpact: MediumLikelihood: Medium

    Plastic and foam processing are sensitive to feedstock and utility prices.

    Exposure: Input costs

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Accounting

Judgemental items
Derivative hedge accounting

The company enters financial contracts to hedge PLN future costs, affecting OCI or P&L timing.

Impact: Can smooth or shift foreign-exchange effects between periods

Inventory valuation

Plastic and foam businesses hold raw materials and work-in-process that must be valued carefully.

Impact: Write-downs can affect gross margin and working capital

Impairment of non-current assets

Manufacturing footprints and acquired businesses can require testing if demand weakens.

Impact: Could create non-cash charges to earnings

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Last updated: 24/10/2026